Naira Ends Week on a Down Note, Depreciates at Official and Parallel Markets
By Aboki Forex —
The naira extended its depreciation against the dollar at both the official and parallel foreign exchange markets, closing the week lower. Data from the Central Bank of Nigeria shows the naira weakened further on Friday to N1,371.04 per dollar, down from N1,370.89 traded the previous day. This represents a day to day dip of N0.15 at the official market.
At the parallel market, the naira fell significantly to N1,415 per dollar on Friday, from N1,395 per dollar exchanged on Thursday and over the last four days. The decline comes despite a three day increase in Nigeria’s foreign reserves, which stood at $48.51 billion as of May 13, 2026, according to the apex bank.
Recall that on Thursday, the naira also dropped against the dollar at the official foreign exchange market. For the week under review, the naira recorded mixed sentiments of losses and gains against foreign currencies.